How Much Can You Put into Your HSA?

One of the key benefits of having a Health Savings Account (HSA) is the ability to contribute funds tax-free for medical expenses. But just how much can you put into your HSA?

The amount you can contribute to your HSA each year is determined by the IRS. For 2021, the contribution limits are $3,600 for individuals and $7,200 for families. If you are over the age of 55, you are also eligible to make an additional catch-up contribution of $1,000 per year.

It's important to note that these contribution limits are subject to change, so it's always a good idea to check the most recent guidelines set by the IRS.

Understanding the contribution limits for your Health Savings Account (HSA) is crucial for maximizing your tax-free savings. As of 2021, individuals can contribute up to $3,600, while families can contribute up to $7,200. Individuals aged 55 and older can additionally contribute an extra $1,000 as a catch-up contribution.